IFEZ Journal

IFEZ Activities Leading Innovative Growth

IFEZ Activities 

Leading Innovative Growth

IFEZ is doing its best to become a global city of the future through diverse investment-attraction activities. 

Take a look at IFEZ’s activities that are leading innovative growth.

Establishment of Hyper-Connected Metropolitan Transportation Network with the GTX-B·D·E and KTX from Incheon

The Great Train eXpress (GTX), a metropolitan express railway, has begun constructing its Line B, which departs from IFEZ Songdo International City. On the March 7th, the groundbreaking ceremony for the GTX-B route was held at IFEZ Songdo Convensia. The GTX-B route departs from Songdo Incheon National University Station to proceed through City Hall-Bupyeong-Bucheon Sports Complex (Incheon), Sindorim-Yeouido-Yongsan-Seoul Station-Cheongnyangni-Sangbong (Seoul), Byeoldae-Wangsuk- Pyeongnae Hopyeong-Maseok (Namyangju, Gyeonggi-do). It connects the southwestern and northeastern parts of the metropolitan area. The route, with a total length of 82.2 km, is planned to include 14 transfer stations. In a commemorative speech at the groundbreaking ceremony, President Yoon Seok-yeol said, “The opening of the GTX-B line will shorten the travel time from Songdo to Yeouido to 23 minutes and to Seoul Station to 29 minutes, allowing you to reach Downtown Seoul in under 30 minutes.” President Yoon added, “The GTX-B route will be extended to Gapyeong, Gyeonggi-do, and Chuncheon, Gangwon-do. Construction of an additional GTX-D route will start from Incheon Airport to connect Bucheon-Gwangmyeong (Gyeonggi-do), Gasan-Sillim-Gangnam-Samseong-Jamsil-Suseo-Gangdong (Seoul), Gwangju-Icheon-Yeoju (Gyeonggi-do), and Wonju (Gangwon-do). We also plan to lay the foundation for this line within my term of presidency. In addition, construction preparations for the GTX-E line, connecting Cheongna (Incheon), Bucheon (Gyeonggi-do), Gangseo-Mapo-Eunpyeong-Jongno-Seongbuk-Nowon-Jungnang-gu (Seoul), and Guri-Namyangju (Gyeonggi-do), will proceed without a hitch. Through these projects, we will build a high-speed metropolitan transportation network stretching out from Incheon.”

Yoon Won-seok Inaugurated as IFEZ’s 8th Commissioner

Yoon Won-seok, former head of the Economic and Trade Cooperation Division of the Korea Trade-Investment Promotion Agency(KOTRA), has been inaugurated as the 8th IFEZ commissioner. Over the next three years, Commissioner Yoon will strive towards the goal of “IFEZ Leading the Creation of a World-Class City.” To this end, Commissioner Yoon will focus on attracting investment in key strategic industries like bio, healthcare, tourism and leisure, and high-tech industries, attracting prestigious overseas educational institutions and domestic universities, creating a smart city innovation ecosystem, and designating additional areas as FEZs. While working at KOTRA, Commissioner Yoon supported the exports and international expansion of Korean companies to overseas sites, such as the U.S. and Canada, promoted trade and investment cooperation between global companies and domestic companies, and facilitated numerous M&As and foreign companies’ foreign direct investment(FDI). As an open local management officer(Grade 1), an IFEZ commissioner oversees the development of IFEZ and surrounding areas, including Songdo, Cheongna, and Yeongjong International Cities, as well as domestic and foreign investment-attraction projects.

Phase 1-2 Construction of Songdo International City Waterfront Begins on February 22

The waterfront-development project presents a blueprint for Songdo International City, which will leap forward as a global marine ecological city. The second stage of this project, Phase 1-2, began on February 22. Waterfront Phase 1-2(total budget KRW 225.2 billion) will build a connecting waterway with a total length of 9.53 km and a waterway width of 40 to 500 m, encompassing roads, pedestrian bridges, and water gates. At the end of last year, three companies, including DL E&C, were selected as constructors for the project, which is scheduled to be completed in 2027. Once Phase 1-2 is completed, IFEZ expects to secure dimensional stability, prevent disasters by installing water gates, and improve water quality with an eco-friendly seawater-circulation system. Additionally, IFEZ believes creating a tourism and leisure environment will significantly contribute to revitalizing the local economy.

Global Investment Companies Show Willingness to Invest in Incheon City

Incheon Metropolitan City Mayor Yoo Jeong-bok, while visiting Europe for the purpose of attracting overseas investment, received word of global investment companies’ willingness to make large-scale commitments. The investment intention amounts to USD 6 billion(approximately KRW 8 trillion). Mayor Yoo received a letter of intent worth USD 5 billion from One World Impact(OWI) Partners, a British global investment firm, while in Paris, France, on February 26(local time). On the same day, Joseph Panepinto Jr., president of Panepinto Global Partners(PGP), an American real estate development company, also submitted a letter of intent for investment of USD 1 billion to Mayor Yoo.

Reviewing Means of Participation in Creating a Global Korean Culture Town

In connection with the creation of a global Korean culture town(being promoted by Incheon), various methods of participation(other than the purchase of houses for overseas Koreans) are being explored. Incheon Mayor Yoo Jeong-bok explained the vision of creating a global Korean culture town at a meeting with the Korean Federation of Europe and the Korean community in Frankfurt, Germany. First, Mayor Yoo explained the strategy in terms of site selection. The site will be selected as a place offering quick development, being owned by the city of Incheon. In addition, considering the importance of medical services for returning overseas Koreans, most of whom are elderly, Mayor Yoo said he would examine a large general hospital in the adjacent area and select a site with medical services nearby when developing a retirement city.

3rd Bridge to Open at the End of Next Year — Increasing Expectations for Yeongjong Tourism

Construction of the 3rd Bridge is progressing smoothly, with the goal of opening at the end of next year. In line with this, constructing a 300-ri bicycle path and the Yeongjong Seaside Park experiential tourism facility are being carried out as scheduled. As a result, expectations are growing for revitalizing tourism in Yeongjong International City. According to IFEZ, the 3rd Bridge(total length 4.68 km, width 30 m, with 6 lanes both ways) connecting Jungsan-dong(starting point), Jung-gu, Incheon, and Cheongna-dong(ending point) has currently reached a completion rate of 45% since construction began in 2021, showing progress at 104% of the plan. The 3rd Bridge, one of the three bridges connecting Yeongjong International City, features sidewalks and bicycle paths. Additionally, to prepare for increased traffic upon entering Yeongjong International City, the bridge’s Jungsan intersection was designed three-dimensionally.

Songdo Zone 11-1 Landscape Project in Full Swing

The landscape-lighting project for Songdo International City Zone 11-1, where infrastructure construction is in progress, is being promoted in earnest. On February 7th, IFEZ announced it would begin constructing the landscape-lighting project for the waterfront space bridge in Songdo Zone 11-1 next month. As a first-stage construction project with an investment of KRW 2.2 billion, IFEZ will first place orders for seven bridges in Zones 1-1 and 1-2 among the 20 bridges in Songdo Zone 11-1. Orders for the remaining bridges in Zones 3 and 4, encompassing the second stage, are also planned to proceed in line with the civil engineering infrastructure process. This landscape-lighting installation project was inspired by Venice, Italy, Baltimore, U.S.A., and Nyhavn, Denmark, all cities featuring beautiful waterfront scenery. In November 2019, IFEZ completed the landscape review for these bridges.

Progress Moves ahead for a Cultural Street around Yonsei University and the IGC in Songdo

IFEZ’s Daehakro concept cultural-street creation project in Songdo International City is progressing smoothly. IFEZ recently held the second meeting of the TF to create Songdo IGC Cultural Street at Songdo G Tower. This project aims to develop a cultural street with the Daehakro concept around the Yonsei University International Campus and IGC, where young people and college students actively engage in cultural exchanges. As a first-stage lead project, Songdo Global Complex Development plans to develop commercial land(blocks C1 and C2) between the campus town and Yonsei University in connection with public land(landscape green space). In addition, IFEZ will comprehensively collect opinions in the future through Yonsei University’s on-campus and Economic Administration surveys.

Building an RC Sports Stadium and Expanding the Golf Course at Songdo Dalbit Park

Since June of last year, the construction of a stadium for radio-controlled(RC) sports and the expansion of the park golf course have been underway following the essential and detailed design services for the revitalization of Dalbit Park in Songdo International City. IFEZ announced that it plans to complete all administrative procedures related to this in the first half of this year, begin construction in the second half, and complete it in the second half of next year. The RC Sports Stadium will be created as an on-road circuit capable of hosting international competitions. IFEZ also plans to reorganize the existing off-road circuit so that users can experience a variety of challenges.